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Greenland Technologies Plans Major U.S. Manufacturing Expansion to Increase Its Total Worldwide Capacity

HOWELL, N.J., March 1, 2021 /PRNewswire/ — Greenland Technologies Holding Corporation (NASDAQ: GTEC) (“Greenland”), a technology developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machineries and vehicles, today announced a planned major U.S. manufacturing expansion that will establish Greenland’s U.S. market manufacturing footprint and increase its total worldwide capacity.

Raymond Wang, CEO of Greenland, commented, “Our plan to expand in the U.S. builds on our recent strategic developments and will serve as a powerful growth platform, while creating jobs and investing in the local economy. In addition to assembly of our upcoming electric industrial vehicles, we will use the new facility as a product showcase, which will further empower our sales team.  Overall, we expect this major expansion will further improve Greenland’s competitive position and accelerate adoption of our electric industrial vehicles.”

Under the planned expansion, Greenland is in discussions to establish a new up to 50,000 square foot facility on the East Coast of the U.S. Depending on the favorable outcome of discussions regarding potential incentive programs with state and local officials, Greenland plans to finalize the site selection process and formally announce the state the new facility will be located in during 2Q 2021. The Company is targeting 3Q 2021 to take possession of the additional manufacturing space, with assembly lines brought fully online for its upcoming electric industrial vehicles targeted between 3Q 2021 and 4Q 2021.

About Greenland Technologies Holding Corporation

Greenland Technologies Holding Corporation (NASDAQ: GTEC) is a developer and a manufacturer of drivetrain systems for material handling machineries and electric vehicles, as well as electric industrial vehicles. For more information visit www.gtec-tech.com.

Forward-Looking Statements

This press release contains statements that may constitute “forward-looking statements.” Such statements reflect Greenland’s current views with respect to future events and are subject to such risks and uncertainties, many of which are beyond the control of Greenland, including those set forth in the Risk Factors section of Greenland’s Annual Report on Form 10-K and Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission (“SEC”). Copies are available on the SEC’s website, www.sec.gov. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Greenland’s expectations with respect to future performance. In addition, there is uncertainty about the further spread of the COVID-19 virus or the occurrence of another wave of cases and the impact it may have on the Company’s operations, the demand for the Company’s products, global supply chains and economic activity in general. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Statements contained in this news release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Greenland does not intend and does not assume any obligation to update these forward-looking statements, other than as required by law.